Austin University of California to invest $42 billion in UP smart city project


As a run-up to its Global Investors Summit, India’s northern state of Uttar Pradesh signed an agreement on Sunday with Austin University, California, worth $42 billion to build a ‘smart city of knowledge’.

Austin University President Ashraf Al Moustafa, Uttar Pradesh Minister Suresh Khanna, former minister Sidharth Nath Singh, Additional Chief Secretary for Infrastructure and Industrial Development Arvind Kumar and others were present on the occasion in San Francisco.

The agreement says an instalment of $7 billion will be released initially, followed by the rest in phases.

“It is a $42-billion project built on 5,000 acres of land. It will have the best universities coming up inside the project. Hopefully, it’ll change idea of higher education in India and other places,” Ashraf Al Moustafa, President, Austin University, said.

In another development, the Uttar Pradesh also signed an MoU with US-based Saloni Heart Foundation in San Francisco to build a hospital as a centre of excellence for treating children suffering from complicated heart diseases. The investment amount is not yet finalized.

In November, a curtain raiser to the Uttar Pradesh Global Investors Summit was attended by eminent personalities from the national and international industries, representatives of industrial associations, and representatives of several public sector companies.

Uttar Pradesh will organise the Summit in Lucknow from February 10 to 12, 2023, UP Chief Minister Yogi Adityanath said during the curtain-raiser event.

The chief minister said this to-be-held Summit will provide a unified platform to the global industrial world for cooperation in economic development.

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